Apollo Exits Evertec With 400% Profit After Three Years

(Corrects offering share total in second paragraph of a
story originally published Dec. 10.)

Dec. 10 (Bloomberg) -- Apollo Global Management LLC, the
private-equity firm led by Leon Black, is exiting its investment
in payment processor Evertec Inc. with a profit of about $730
million, or 400 percent.

Apollo, Popular Inc. and Evertec employees will sell stock
in a 15.2 million-share offering, Evertec said in a statement
today. Apollo stands to get about $194 million for its remaining
9.2 million shares, based on Evertec’s closing price yesterday
of $21.11 a share.

Black’s firm acquired a 51 percent interest in San Juan,
Puerto Rico-based Evertec from Popular, Puerto Rico’s largest
bank, in September 2010. With the latest transaction, New York-based Apollo will have received about $917 million in cumulative
proceeds, or five times its $184 million equity investment.

The firm collected about $260 million in Evertec’s initial
public offering in April, and an additional $301 million from a
follow-on stock sale in September, regulatory filings show.
Apollo also received about $162 million in dividends.

Charles Zehren, a spokesman for Apollo at Rubenstein
Associates Inc., declined to comment on the firm’s profits.

Evertec will repurchase about $75 million of stock from the
underwriters in the offering, which it will fund with about $25
million in cash on hand and $50 million of borrowings, the
company said in today’s statement.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are the
sale’s lead underwriters.